Amsterdam & Partners Warns Against TBI's Potential Illegal Deal with Convicted Criminals
On October 28, 2025, Amsterdam & Partners LLP voiced an urgent legal warning regarding the Trade Bank of Iraq's (TBI) imminent decision to engage in an illegal settlement with the notorious Hanna Brothers, three individuals previously convicted of fraud and currently facing further prosecution. The firm, led by founder Robert Amsterdam, represents Sara Hamed Saleem, a prominent Iraqi-American businesswoman and CEO of Al-Saqr Al-Jareh, who stands to be severely impacted by this decision if it goes forward.
Amsterdam expressed grave concerns, stating, "The Trade Bank of Iraq is about to cross a line from which there is no return." He highlighted the seriousness of TBI's potential actions, which could transform the bank from a victim in this matter into a complicit party. This settlement attempt is branded not as a legitimate resolution, but a blatant obstruction of justice and a partnership in fraud. By signing this agreement, TBI risks jeopardizing its integrity and legal standing.
The foundation of this settlement centers around the Hanna Brothers' past crimes, which include their convictions for fraud directly related to actions that TBI had previously reported. Amsterdam argues that this arrangement serves not just the interests of the convicted fraudsters, but also aligns with Iranian objectives, effectively undermining Iraq's sovereignty. He insists that a public financial institution cannot shield itself under political pressure to forgive debts owed by criminals.
The quality of the evidence against the Hanna brothers, stemming both from their own admissions of guilt and the bank's previous complaints, clearly delineates how this settlement is contrary to both Iraqi law and international standards regarding corruption. The deal would further strip Ms. Saleem of her rightful claim to restitution as laid out in the judgments against the Hanna brothers.
Amsterdam emphasized there would be significant repercussions should TBI move ahead with this corrupt arrangement. His firm plans to enforce targeted sanctions under U.S. law, initiate actions based on anti-money-laundering regulations, and pursue civil as well as criminal accountability for anyone who facilitates this corruption. Such decisions would directly threaten TBI's access to the international financial system, a blow they will not easily recover from if the settlement proceeds as planned.
In a direct letter to Bilal Sabah al Hamdani, the General Manager of TBI, Amsterdam outlined a stark choice for the bank: "You and the Trade Bank of Iraq now face a stark and immediate choice. You may proceed with this corrupt bargain, aligning the Bank with the Hanna Brothers and their enablers. Or you may honor your obligations as a public financial institution by standing with the law." Amsterdam concludes that the consequences of either path would be immediate and inescapable, pointing to a future that could drastically alter the operations and reputation of the Trade Bank of Iraq.
The legal efforts to secure the rightful restitution and recover assets for Ms. Saleem will continue, with Amsterdam & Partners firmly at the forefront of holding TBI accountable. The unfolding situation raises vital questions regarding the ethical standards upheld by public banks and the ramifications of alliances with convicted fraudsters. As this scenario develops, it will be crucial to observe the actions of TBI and how they align with their responsibilities under both national and international law.
Amsterdam expressed grave concerns, stating, "The Trade Bank of Iraq is about to cross a line from which there is no return." He highlighted the seriousness of TBI's potential actions, which could transform the bank from a victim in this matter into a complicit party. This settlement attempt is branded not as a legitimate resolution, but a blatant obstruction of justice and a partnership in fraud. By signing this agreement, TBI risks jeopardizing its integrity and legal standing.
The foundation of this settlement centers around the Hanna Brothers' past crimes, which include their convictions for fraud directly related to actions that TBI had previously reported. Amsterdam argues that this arrangement serves not just the interests of the convicted fraudsters, but also aligns with Iranian objectives, effectively undermining Iraq's sovereignty. He insists that a public financial institution cannot shield itself under political pressure to forgive debts owed by criminals.
The quality of the evidence against the Hanna brothers, stemming both from their own admissions of guilt and the bank's previous complaints, clearly delineates how this settlement is contrary to both Iraqi law and international standards regarding corruption. The deal would further strip Ms. Saleem of her rightful claim to restitution as laid out in the judgments against the Hanna brothers.
Amsterdam emphasized there would be significant repercussions should TBI move ahead with this corrupt arrangement. His firm plans to enforce targeted sanctions under U.S. law, initiate actions based on anti-money-laundering regulations, and pursue civil as well as criminal accountability for anyone who facilitates this corruption. Such decisions would directly threaten TBI's access to the international financial system, a blow they will not easily recover from if the settlement proceeds as planned.
In a direct letter to Bilal Sabah al Hamdani, the General Manager of TBI, Amsterdam outlined a stark choice for the bank: "You and the Trade Bank of Iraq now face a stark and immediate choice. You may proceed with this corrupt bargain, aligning the Bank with the Hanna Brothers and their enablers. Or you may honor your obligations as a public financial institution by standing with the law." Amsterdam concludes that the consequences of either path would be immediate and inescapable, pointing to a future that could drastically alter the operations and reputation of the Trade Bank of Iraq.
The legal efforts to secure the rightful restitution and recover assets for Ms. Saleem will continue, with Amsterdam & Partners firmly at the forefront of holding TBI accountable. The unfolding situation raises vital questions regarding the ethical standards upheld by public banks and the ramifications of alliances with convicted fraudsters. As this scenario develops, it will be crucial to observe the actions of TBI and how they align with their responsibilities under both national and international law.
Topics Financial Services & Investing）
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